Soya oil heats up on improved offtake bl-premium-article-image

Our Correspondent Updated - March 12, 2018 at 09:23 PM.

Rise in buying support in super palmolein has reined in the bullish trend in soya oil for the past one week. Prices have dropped by Rs 5-8 for 10 kg.

However, on Monday, soya refined ruled relatively higher at Rs 751-55 (Rs 748-50) on strong global cues and some improved buying support in the domestic market.

Similarly, soya solvent also ruled marginally higher at Rs 728-32 (Rs 720-23) on scattered buying support.

Notwithstanding higher prices, demand in soya oil continues to be weak with traders showing more interest in new super palmolein, which in the local mandis, is being sold at Rs 720 for 10 kg.

In futures also, soya oil traded marginally higher on strong foreign cues. Soya refined October contract on the NBOT closed Rs 1.50 higher at Rs 807.50 for 10 kg.

Similarly on the NCDEX, soya oil September and October contracts closed at Rs 803.90 (up Rs 2.25) and Rs 807.15 (up Rs 3.47).

On the other hand, soyabean continued to rule at Rs 4,400-4,500 a quintal on sluggish demand and weak buying support in the futures, even as arrival in State mandis continues to remain poor at merely 12,000 bags.

On the other hand, plant deliveries in soyabean continue to be on the higher side on strong buying support from the crushers.

On Monday plant deliveries rose to Rs 4,450-4,550 (up Rs 50 as compared to its prices last week).

While October contract for soyabean on the NCDEX closed at Rs 4,019 (up Rs 21), its November contract closed Rs 11 down at Rs 3,958 a quintal.

Given weak buying support in soyabean and expected arrival within a span of two months, soyabean prices in all likelihood would remain range-bound at least in the current month with its prices unlikely to fluctuate by over Rs 100 a quintal, said Vinod Choudhary, a broker.

Soya DOC continued to rule steady at Rs 40,500-40,800 a quintal on sluggish demand.

Published on September 3, 2012 16:42